Editing Oracle Corporation
The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then publish the changes below to finish undoing the edit.
Latest revision | Your text | ||
Line 1: | Line 1: | ||
== Summary == | |||
Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Advertising, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing. The company also offers cloud-based industry solutions for various industries; Oracle application licenses; and Oracle license support services. In addition, it provides cloud and license business' infrastructure technologies, such as the Oracle Database, an enterprise database; Java, a software development language; and middleware, including development tools and others. The company's cloud and license business' infrastructure technologies also comprise cloud-based compute, storage, and networking capabilities; and Oracle autonomous database, MySQL HeatWave, Internet-of-Things, digital assistant, and blockchain. Further, it provides hardware products and other hardware-related software offerings, including Oracle engineered systems, enterprise servers, storage solutions, industry-specific hardware, virtualization software, operating systems, management software, and related hardware services; and consulting and customer services. The company markets and sells its cloud, license, hardware, support, and services offerings directly to businesses in various industries, government agencies, and educational institutions, as well as through indirect channels. Oracle Corporation was founded in 1977 and is headquartered in Austin, Texas. | |||
== | == Mission == | ||
Oracle's mission revolves around enabling individuals and businesses to envision data from fresh vantage points, unearthing invaluable insights, and unlocking a realm of boundless possibilities. Through their comprehensive suite of software, hardware, and cloud services, the company empowers its customers to make data-driven decisions, drive innovation, and embrace a future brimming with endless opportunities. By providing cutting-edge technologies, Oracle seeks to revolutionize the way people perceive and harness data, paving the way for transformative growth and success across various industries. | |||
== Business Analysis == | == Business Analysis == | ||
Oracle | Oracle Corporation offers a range of products and services designed to cater to the needs of enterprise information technology (IT) settings. Oracle's business is divided into four different segments: Cloud services and license support, Cloud License and on-premise license, Hardware, and Services. | ||
Oracle | Oracle cloud services encompass a wide array of offerings, such as Oracle Software-as-a-Service and Oracle Cloud Infrastructure, all of which are delivered in the form of a cloud-based model. Clients can conveniently access there services using their preferred web browser. Oracle cloud services have been strategically crafted to allow customers to swiftly implement them, resulting in reduced time to achieve innovation. These services boast a user-friendly interface, catering to both novices and seasoned users alike. They are designed to be easily maintained, minimizing the effort required for upgrades, integration, and testing. Additionally, these services can seamlessly connect across various deployment models, promoting flexibility between different IT environments. They ensure compatibility, making it effortless to migrate workloads between the Oracle Cloud and other IT setups. Moreover, these services are cost-effective, requiring lower initial customer investments. Above all, they prioritize security, adhere to standards, and offer unwavering reliability. | ||
Oracle | Oracle applications technologies is a part of cloud services and license support business segment. It includes the company's SaaS offerings, which are used from a large number of corporations worldwide, as well as the license support, which is generally purchased by all of Oracle's customers. The support offerings provided by the company serve to safeguard and enhance the investments made by its customers in Oracle applications. These offerings include proactive and personalized support services, such as Oracle Lifetime Support, as well as unspecified license enhancements and upgrades throughout the support period. They are designed to ensure that customers receive comprehensive assistance and protection for their Oracle products, optimizing the value and longevity of their investments. Oracle applications technologies and license support revenues accounted for 47%, 42%, and 41% of the total cloud services and license support revenues during years 2023, 2022, and 2021. | ||
Oracle | Oracle offers its infrastructure technologies to customers both through its cloud and license business segment and its hardware business segment. Within the company's cloud and license business segment, the infrastructure technologies comprise the renowned Oracle Database, widely recognized as the most popular enterprise database globally. Additionally, it includes Java, which stands as the most widely-used software development language in the computer industry, along with various middleware tools and development resources. These infrastructure technologies can be accessed through subscription to Oracle Cloud Infrastructure (OCI) offerings or via the purchase of a license, along with related license support, giving customers the option to run these technologies within the Oracle Cloud, as part of on-premise cloud services, or in other customer IT environments. The company's infrastructure cloud services and license support revenues represented 53%, 58% and 59% of total cloud services and license support revenues during years 2023, 2022 and 2021. | ||
Oracle infrastructure technologies also includes products offered through the company's hardware business segments. This part of the business is divided into: | |||
* Oracle servers (e.g. servers consisting of Oracle SPARC microprocessor or x86 microprocessor) | * Oracle servers (e.g. servers consisting of Oracle SPARC microprocessor or x86 microprocessor) | ||
Line 21: | Line 22: | ||
* Oracle operating systems (e.g. Oracle Linux, Oracle Solaris) | * Oracle operating systems (e.g. Oracle Linux, Oracle Solaris) | ||
* Oracle hardware support (provides support for oracle systems though software updates of the hardware products, repairs, and technical support) | * Oracle hardware support (provides support for oracle systems though software updates of the hardware products, repairs, and technical support) | ||
The fourth business segment, | |||
The fourth business segment, which is Oracle Services, provides consultation and training to help customers effectively utilize Oracle's applications and infrastructure technologies. | |||
The revenue contribution for of the four business segments can be seen in the following table: | The revenue contribution for of the four business segments can be seen in the following table: | ||
Line 27: | Line 29: | ||
|+ | |+ | ||
!Business Segment | !Business Segment | ||
!Revenue ( | !Revenue (2023) | ||
!% of | !% of Total Revenue | ||
|- | |- | ||
|Cloud services and license support | |Cloud services and license support | ||
Line 50: | Line 52: | ||
Oracle's widely used SaaS products include, among others: | Oracle's widely used SaaS products include, among others: | ||
* Oracle Fusion Cloud Enterprise Resource Planning (ERP), which is a comprehensive and unified ERP solution that aims to enhance organizational decision-making and workforce efficiency while streamlining back-office operations. It is designed to be a fully integrated and global platform, enabling businesses to benefit from a shared data and security model, along with a consistent user interface. By adopting Oracle Fusion Cloud ERP, organizations can optimize their processes and achieve improved productivity on a global scale. | |||
* Oracle Fusion Cloud Enterprise Performance Management (EPM), which is a purpose-built solution aimed at evaluating financial performance, facilitating precise and flexible financial planning, enhancing the efficiency of financial close and consolidation procedures, simplifying account reconciliation, and meeting the reporting needs of organizations. | |||
* Oracle Fusion Cloud Supply Chain and Manufacturing Management (SCM), which is a tailored offering intended to support organizations in establishing, enhancing, and digitalizing their supply chains while enabling swift product innovation. | |||
* Oracle Fusion Cloud Human Capital Management (HCM), which is a specialized solution crafted to assist organizations in sourcing, nurturing, and retaining their workforce. | |||
* Oracle Cerner healthcare, which is a purpose-built system intended to empower healthcare professionals in providing enhanced medical services to patients. | |||
Oracle's widely used infrastructure products include, among others: | |||
Well-known databases, such as Oracle Database and MySQL, as well as Oracle Autonomous Database, which relies heavily on machine-learning in order to eliminate human errors that otherwise would go unnoticed. | |||
== Market == | == Market == | ||
=== | === Total Addressable Market (TAM) === | ||
The total addressable market (TAM) for Oracle is | The total addressable market (TAM) for Oracle is defined as the global information technology market. According to research reports, the global information technology market grew from $8,179 billion in 2022 to $8,852 in 2023 at a CAGR of 8.2%. In 2027, the market value is expected to be around $11,995 billion, growing at a CAGR of 7.9%. The main driver behind this projected growth is going to be cloud computing. | ||
=== | === Serviceable Available Market (SAM) === | ||
The serviceable available market (SAM) | The serviceable available market (SAM) for Oracle is defined as the global cloud computing market. According to research reports, the cloud computing market is expected to climb from $581 billion in 2023 to $1,243.42 billion by 2028, growing at a CAGR of 16.4%. This is due to technology disruption in field such as Artificial Intelligence and Machine Learning. Furthermore, another reason for this type of growth is the pandemic. After the end of the pandemic, a percentage of people are still working from home, thereby making cloud computing essential for every day tasks. | ||
=== | === Serviceable Obtainable Market (SOM) === | ||
Oracle Corporation | The cloud computing market share of Oracle Corporation sits around 2%. The market share of the company in the SaaS segment is close to 5%, whereas in the IaaS segment is insignificant, according to Statista. There is a huge opportunity for Oracle to raise its Infrastructure as a Service market share in the following years, given the strategic alliances with Intel and Red Hat, as well as the adoption from companies such as Uber, FedEx, Toyota and Zoom among others. Oracle's OCI is expected to be widely adopted by several other companies looking to train AI models like ChatGPT, because of its low cost (compared with competitors) and high value. Therefore, the company is expected to erode the market share of its competitors and increase its own moving forward. Since it has a significant market share in the SaaS segment, increasing its market share in the IaaS segment is expected to double its total cloud cloud computing market share in the next 5 years (resulting in market share of 5% approximately). | ||
== Competition == | == Competition == | ||
The global cloud computing market is a really fragmented market. As such, there is fierce competition among established companies, such as Amazon, Microsoft, SAP, IBM, Salesforce, as well as start-up companies that are looking for ways to innovate and gain market share. This increasing competition along with the AI disruption is expected to increase market share, as mentioned above. Consequently, Oracle faces intense competition from both established and newly created companies. Since Oracle has an aggressive acquisition policy and is looking to expand in new areas, such as healthcare software (i.e. he acquired Cerner which is a healthcare software provider), it is going to face even broader competitors (e.g. Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., Arcadia Solutions, athenahealth, Inc. and InterSystems Corporation, among others). Below is a detailed analysis of the most important competitors of Oracle Corporation: | |||
The global | |||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+ | ||
!Company | !Company | ||
! | !Analysis | ||
!Competition | !Competition | ||
!Market | !Market Cap | ||
|- | |- | ||
|Amazon | |Amazon | ||
|Amazon | |AWS, a subsidiary of Amazon, is the leading cloud service providers globally, offering a comprehensive suite of cloud computing services. | ||
| | |Oracle Cloud competes directly with AWS in the cloud infrastructure and platform services market. Both companies vie for enterprises looking to leverage cloud capabilities for scalability, flexibility, and cost-effectiveness. | ||
|$1, | |$1,357,445 mil. | ||
|- | |- | ||
|Microsoft | |Microsoft | ||
| | |Microsoft is a global technology powerhouse with a wide array of products and services. While Oracle and Microsoft compete in some areas, their primary focus areas are different. Microsoft is a major player in operating systems, cloud services, productivity software (Office Suite), gaming (Xbox), and collaboration tools (Microsoft Teams). | ||
| | |Microsoft Azure competes directly with Oracle Cloud in the cloud computing market. Both companies offer IaaS, PaaS, and SaaS solutions. Additionally, Microsoft's Power Platform competes with Oracle's application development and low-code platforms. | ||
|$2, | |$2,502,651 mil. | ||
|- | |- | ||
|IBM | |IBM | ||
|IBM is a technology and | |IBM is a technology and consulting company with a long-established presence in various sectors, including cloud services, artificial intelligence, and enterprise solutions. | ||
| | |While both companies have a history of offering enterprise software solutions, they compete in areas like cloud services and database management systems. IBM Cloud competes with Oracle Cloud, and IBM Db2 competes with Oracle Database. | ||
|$129, | |$129,918 mil. | ||
|- | |- | ||
|Salesforce | |Salesforce | ||
|Salesforce | |Salesforce is a dominant force in the customer relationship management (CRM) market. It provides cloud-based solutions to manage sales, marketing, and customer service. | ||
|Oracle | |Oracle competes with Salesforce through its Oracle CRM Cloud offering. Both companies strive to capture market share in the rapidly growing CRM space, offering a range of features and customization options to meet customer needs. | ||
|$ | |$222,627 mil. | ||
|- | |- | ||
|SAP | |SAP | ||
|SAP is a leading enterprise software company known for its Enterprise Resource Planning (ERP) systems and other business applications. | |SAP is a leading enterprise software company known for its Enterprise Resource Planning (ERP) systems and other business applications. It specializes in helping businesses manage various processes, including finance, supply chain, and human resources. | ||
|Oracle and SAP are | |Both Oracle and SAP are major players in the ERP space. They compete for enterprise customers seeking robust and integrated solutions for managing business operations. Their ERP offerings, Oracle ERP Cloud and SAP S/4HANA, often go head-to-head in the market. | ||
|$ | |$159,181 mil. | ||
|- | |- | ||
|Workday | |Workday | ||
|Workday is a | |Workday is a cloud-based enterprise software company that specializes in providing human capital management (HCM) and financial management solutions for businesses and organizations. | ||
|Workday directly competes with Oracle HCM Cloud in the HCM space. Oracle's HCM Cloud | |Workday directly competes with Oracle HCM Cloud in the HCM space. Oracle's HCM Cloud also offers a comprehensive suite of cloud-based HR and talent management applications, aiming to cater to the needs of large enterprises and organizations. | ||
|$ | |$60,782 | ||
|} | |} | ||
== Financials == | == Financials == | ||
=== Historic and projected | === Historic and projected financials === | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+ | ||
!Income Statement | !Income Statement | ||
!2021A | |||
!2022A | |||
!2023A | |||
!2024P | |||
!2025P | |||
!2026P | |||
!2027P | |||
!2028P | |||
|- | |- | ||
|''' | |'''Revenues''' | ||
| | |40,479 | ||
| | |42,440 | ||
| | |49,954 | ||
| | |53,950 | ||
| | |58,266 | ||
| | |62,928 | ||
| | |67,962 | ||
| | |73,399 | ||
|- | |- | ||
|'''Cost of revenues''' | |'''Cost of revenues''' | ||
| | |(7,855) | ||
| | |(8,877) | ||
| | |(13,564) | ||
| | |(14,649) | ||
| | |(15,821) | ||
| | |(17,087) | ||
| | |(18,454) | ||
| | |(19,930) | ||
|- | |- | ||
|Sales and marketing | |Sales and marketing | ||
Line 184: | Line 182: | ||
|(1,150) | |(1,150) | ||
|(3,582) | |(3,582) | ||
|( | |(3,869) | ||
|( | |(4,178) | ||
|( | |(4,512) | ||
|( | |(4,873) | ||
|( | |(5,263) | ||
|- | |- | ||
|Acquisition related and other | |Acquisition related and other | ||
Line 210: | Line 208: | ||
|(490) | |(490) | ||
|- | |- | ||
|Total operating expenses | |'''Total operating expenses''' | ||
|(25,266) | |'''(25,266)''' | ||
|(31,514) | |'''(31,514)''' | ||
|(36,861) | |'''(36,861)''' | ||
|(39, | |'''(39,947)''' | ||
|( | |'''(43,088)''' | ||
|( | |'''(46,481)''' | ||
|( | |'''(50,145)''' | ||
|( | |'''(54,102)''' | ||
|- | |- | ||
|'''Operating income (EBIT)''' | |'''Operating income (EBIT)''' | ||
Line 224: | Line 222: | ||
|'''10,926''' | |'''10,926''' | ||
|'''13,093''' | |'''13,093''' | ||
|'''14, | |'''14,004''' | ||
|''' | |'''15,178''' | ||
|''' | |'''16,447''' | ||
|''' | |'''17,817''' | ||
|''' | |'''19,297''' | ||
|- | |- | ||
|Interest expense | |Interest expense | ||
Line 234: | Line 232: | ||
|(2755) | |(2755) | ||
|(3505) | |(3505) | ||
|(3, | |(3,816) | ||
|(3, | |(3,822) | ||
|(3, | |(3,831) | ||
|(3, | |(3,841) | ||
|(3, | |(3,851) | ||
|- | |- | ||
|Interest income | |Interest income | ||
Line 244: | Line 242: | ||
|94 | |94 | ||
|285 | |285 | ||
| | |241 | ||
| | |213 | ||
| | |212 | ||
| | |229 | ||
| | |253 | ||
|- | |- | ||
| | |Other non-operating (expenses) income, net | ||
|181 | |181 | ||
|(616) | |(616) | ||
Line 260: | Line 258: | ||
|(747) | |(747) | ||
|- | |- | ||
|Income before taxes | |'''Income before taxes''' | ||
|12,999 | |'''12,999''' | ||
|7,649 | |'''7,649''' | ||
|9,126 | |'''9,126''' | ||
| | |'''9,682''' | ||
| | |'''10,822''' | ||
| | |'''12,081''' | ||
| | |'''13,458''' | ||
| | |'''14,952''' | ||
|- | |- | ||
|Provision for benefit from | |Provision for benefit from income taxes | ||
|747 | |747 | ||
|(932) | |(932) | ||
|(623) | |(623) | ||
| | |1,743 | ||
| | |1,948 | ||
| | |2,175 | ||
| | |2,422 | ||
| | |2,691 | ||
|- | |- | ||
|'''Net income''' | |'''Net income''' | ||
Line 284: | Line 282: | ||
|'''6,717''' | |'''6,717''' | ||
|'''8,503''' | |'''8,503''' | ||
|''' | |'''11,425''' | ||
|''' | |'''12,770''' | ||
|''' | |'''14,255''' | ||
|''' | |'''15,881''' | ||
|'''17, | |'''17,643''' | ||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+ | ||
!Balance Sheet | !Balance Sheet | ||
!2022A | |||
!2023A | |||
!2024P | |||
!2025P | |||
!2026P | |||
!2027P | |||
!2028P | |||
|- | |- | ||
|Current assets: | |Current assets: | ||
Line 313: | Line 311: | ||
|21,902 | |21,902 | ||
|10,187 | |10,187 | ||
| | |8,628 | ||
| | |8,512 | ||
| | |9,654 | ||
| | |12,090 | ||
| | |15,838 | ||
|- | |- | ||
|Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively | |Trade receivables, net of allowances for credit losses of $428 and $362 as of May 31, 2023 and May 31, 2022, respectively | ||
|5,953 | |5,953 | ||
|6,915 | |6,915 | ||
Line 337: | Line 335: | ||
|5,733 | |5,733 | ||
|- | |- | ||
| | |Total current assets | ||
| | |31,633 | ||
| | |21,004 | ||
| | |20,311 | ||
| | |21,129 | ||
| | |23,280 | ||
| | |26,807 | ||
| | |31,732 | ||
|- | |- | ||
|Non-current assets: | |Non-current assets: | ||
Line 358: | Line 356: | ||
|9,716 | |9,716 | ||
|17,069 | |17,069 | ||
|22, | |22,304 | ||
|26, | |26,740 | ||
|30, | |30,450 | ||
|33, | |33,449 | ||
| | |35,771 | ||
|- | |- | ||
|Intangible assets, net | |Intangible assets, net | ||
Line 385: | Line 383: | ||
|12,782 | |12,782 | ||
|12,226 | |12,226 | ||
| | |13,204 | ||
| | |14,260 | ||
| | |15,401 | ||
| | |16,633 | ||
| | |17,964 | ||
|- | |- | ||
|Other non-current assets | |Other non-current assets | ||
Line 403: | Line 401: | ||
|77,664 | |77,664 | ||
|113,380 | |113,380 | ||
| | |126,320 | ||
| | |139,078 | ||
| | |151,774 | ||
| | |164,479 | ||
| | |177,283 | ||
|- | |- | ||
|'''Total assets''' | |'''Total assets''' | ||
|'''109,297''' | |'''109,297''' | ||
|'''134,384''' | |'''134,384''' | ||
|''' | |'''146,631''' | ||
|''' | |'''160,207''' | ||
|''' | |'''175,054''' | ||
|''' | |'''191,286''' | ||
|''' | |'''209,015''' | ||
|- | |- | ||
| | | | ||
Line 439: | Line 437: | ||
|0 | |0 | ||
|563 | |563 | ||
| | |600 | ||
| | |800 | ||
| | |1,000 | ||
| | |1,200 | ||
| | |1,400 | ||
|- | |- | ||
|Accounts payable | |Accounts payable | ||
Line 484: | Line 482: | ||
|'''15,762''' | |'''15,762''' | ||
|'''19,592''' | |'''19,592''' | ||
|''' | |'''21,151''' | ||
|''' | |'''22,995''' | ||
|''' | |'''24,971''' | ||
|''' | |'''27,089''' | ||
|''' | |'''29,360''' | ||
|- | |- | ||
|Non-current liabilities: | |Non-current liabilities: | ||
Line 502: | Line 500: | ||
|75,859 | |75,859 | ||
|89,918 | |89,918 | ||
| | |89,918 | ||
| | |89,918 | ||
| | |89,918 | ||
| | |89,918 | ||
| | |89,918 | ||
|- | |- | ||
|Income taxes payable | |Income taxes payable | ||
Line 520: | Line 518: | ||
|6,031 | |6,031 | ||
|5,772 | |5,772 | ||
| | |6,234 | ||
| | |6,732 | ||
| | |7,271 | ||
| | |7,853 | ||
| | |8,481 | ||
|- | |- | ||
|Other non-current liabilities | |Other non-current liabilities | ||
Line 538: | Line 536: | ||
|'''99,303''' | |'''99,303''' | ||
|'''113,236''' | |'''113,236''' | ||
|''' | |'''115,101''' | ||
|''' | |'''117,116''' | ||
|''' | |'''119,292''' | ||
|''' | |'''121,642''' | ||
|''' | |'''124,180''' | ||
|- | |- | ||
| | | | ||
Line 583: | Line 581: | ||
|(31,336) | |(31,336) | ||
|(27,620) | |(27,620) | ||
|( | |(22,628) | ||
|( | |(17,049) | ||
|( | |(10,821) | ||
|( | |(3,882) | ||
| | |3,826 | ||
|- | |- | ||
|Accumulated other comprehensive loss | |Accumulated other comprehensive loss | ||
Line 601: | Line 599: | ||
|(6,220) | |(6,220) | ||
|1,073 | |1,073 | ||
|9, | |9,895 | ||
| | |19,612 | ||
| | |30,308 | ||
| | |42,072 | ||
| | |54,993 | ||
|- | |- | ||
|Noncontrolling interests | |Noncontrolling interests | ||
Line 616: | Line 614: | ||
|483 | |483 | ||
|- | |- | ||
| | |Total stockholders' equity (deficit) | ||
| | |(5,768) | ||
| | |1,556 | ||
| | |10,378 | ||
| | |20,095 | ||
| | |30,791 | ||
| | |42,555 | ||
| | |55,476 | ||
|- | |- | ||
|'''Total liabilities and stockholders' equity (deficit)''' | |'''Total liabilities and stockholders' equity (deficit)''' | ||
|'''109,297''' | |'''109,297''' | ||
|'''134,384''' | |'''134,384''' | ||
|''' | |'''146,631''' | ||
|''' | |'''160,207''' | ||
|''' | |'''175,054''' | ||
|''' | |'''191,286''' | ||
|''' | |'''209,015''' | ||
|} | |} | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+ | ||
!Cash Flow Statement | |||
!2024P | |||
!2025P | |||
!2026P | |||
!2027P | |||
!2028P | |||
|- | |- | ||
|Net income | |Net income | ||
| | |11,425 | ||
| | |12,770 | ||
| | |14,255 | ||
| | |15,881 | ||
|17, | |17,643 | ||
|- | |- | ||
|Depreciation and amortization | |Depreciation and amortization | ||
|6, | |6,950 | ||
| | |7,815 | ||
| | |8,704 | ||
| | |9,574 | ||
| | |10,442 | ||
|- | |- | ||
|Stock based compensation | |Stock based compensation | ||
Line 679: | Line 677: | ||
|- | |- | ||
|Other non current assets | |Other non current assets | ||
|( | |(11,573) | ||
|( | |(12,499) | ||
|( | |(13,499) | ||
|( | |(14,579) | ||
|( | |(15,746) | ||
|- | |- | ||
|Other non current liabilities | |Other non current liabilities | ||
|1, | |1,865 | ||
| | |2,015 | ||
| | |2,176 | ||
| | |2,350 | ||
| | |2,538 | ||
|- | |- | ||
|Cash from operating activities | |'''Cash from operating activities''' | ||
| | |'''13,155''' | ||
|14, | |'''14,947''' | ||
|16, | |'''16,871''' | ||
| | |'''18,879''' | ||
| | |'''20,983''' | ||
|- | |- | ||
| | | | ||
Line 709: | Line 707: | ||
|(8,317) | |(8,317) | ||
|(8,073) | |(8,073) | ||
|(7, | |(7,902) | ||
|(7, | |(7,700) | ||
|( | |(7,500) | ||
|- | |- | ||
|Cash from investing activities | |'''Cash from investing activities''' | ||
|(8,317) | |'''(8,317)''' | ||
|(8,073) | |'''(8,073)''' | ||
|(7, | |'''(7,902)''' | ||
|(7, | |'''(7,700)''' | ||
|( | |'''(7,500)''' | ||
|- | |- | ||
| | | | ||
Line 728: | Line 726: | ||
|- | |- | ||
|Long term debt | |Long term debt | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
| | |0 | ||
|- | |- | ||
|Revolver | |Revolver | ||
| | |37 | ||
| | |200 | ||
| | |200 | ||
| | |200 | ||
| | |200 | ||
|- | |- | ||
|Share repurchases | |Share repurchases | ||
|(1, | |(1,505) | ||
|(1, | |(1,682) | ||
|(1, | |(1,878) | ||
|(2, | |(2,092) | ||
|(2, | |(2,324) | ||
|- | |- | ||
|Common dividends | |Common dividends | ||
|(4, | |(4,928) | ||
|( | |(5,509) | ||
|( | |(6,149) | ||
|(6, | |(6,851) | ||
|(7, | |(7,611) | ||
|- | |- | ||
|Cash from financing activities | |'''Cash from financing activities''' | ||
|( | |'''(6,396)''' | ||
|( | |'''(6,991)''' | ||
|( | |'''(7,827)''' | ||
|( | |'''(8,742)''' | ||
|( | |'''(9,735)''' | ||
|- | |- | ||
| | | | ||
Line 769: | Line 767: | ||
| | | | ||
|- | |- | ||
|Net change in cash during period | |'''Net change in cash during period''' | ||
|( | |'''(1,559)''' | ||
|( | |'''(116)''' | ||
| | |'''1,142''' | ||
| | |'''2,437''' | ||
| | |'''3,748''' | ||
|} | |} | ||
Line 780: | Line 778: | ||
{| class="wikitable" | {| class="wikitable" | ||
|+ | |+ | ||
! | |||
!2021A | |||
!2022A | |||
!2023A | |||
|- | |- | ||
|'''Profitability ratios''' | | colspan="4" |'''Profitability ratios''' | ||
|- | |- | ||
|Gross | |Gross margin | ||
|81% | |81% | ||
|79% | |79% | ||
|73% | |73% | ||
|- | |- | ||
|Operating | |Operating margin | ||
|38% | |38% | ||
|26% | |26% | ||
|26% | |26% | ||
|- | |- | ||
|Net | |Net margin | ||
|34% | |34% | ||
|16% | |16% | ||
|17% | |17% | ||
|- | |- | ||
| | | colspan="4" |'''Liquidity ratios''' | ||
|'''Liquidity ratios''' | |||
|- | |- | ||
|Current ratio | |Current ratio | ||
Line 825: | Line 812: | ||
|0.87 | |0.87 | ||
|- | |- | ||
| | | colspan="4" |'''Leverage ratios''' | ||
|'''Leverage ratios''' | |||
|- | |- | ||
|Debt to | |Debt to assets | ||
| | | | ||
|69 | |0.69 | ||
|67 | |0.67 | ||
|- | |- | ||
|Debt to | |Debt to equity | ||
| | | | ||
| - | | -13.15 | ||
| | |58.15 | ||
|- | |- | ||
|Debt to | |Debt to capital | ||
| | | | ||
| | |1.08 | ||
|98 | |0.98 | ||
|- | |- | ||
|Interest coverage ratio | |Interest coverage ratio | ||
| | | | ||
| | |7.26 | ||
| | |5.1 | ||
|- | |- | ||
| | | colspan="4" |'''Efficiency ratios''' | ||
|'''Efficiency ratios''' | |||
|- | |- | ||
|Asset turnover ratio | |Asset turnover ratio | ||
Line 870: | Line 841: | ||
|37% | |37% | ||
|- | |- | ||
| | | colspan="4" |'''Performance ratios''' | ||
|'''Performance ratios''' | |||
|- | |- | ||
|Return on equity (ROE) | |Return on equity (ROE) | ||
Line 892: | Line 855: | ||
|Return on invested capital (ROIC) | |Return on invested capital (ROIC) | ||
| | | | ||
| | | | ||
| | | | ||
|} | |} | ||
__INDEX__ | |||